Dear Friends and Clients,
I spent the last few weeks in Europe and sounded out the sensitivities a bit. Central and southern Europeans showed different positions on the economic and political outlook. While the Central Europeans look ahead with fear and see the conflict on the eastern edge of Europe as a threat to the future, the Southern Europeans are more relaxed. Wars in Eastern Europe are far away. The wave of inflation affects them less because they hardly heat their homes. Emigration is not an issue; people vacation in the country and complain about heat waves at most.
Central Europeans, however, are up to their necks in inflation, heating costs, fuel costs, and the war in the immediate vicinity. Are these coincidental consequences of the Corona flu? Or was all this planned and if so, who planned it? Can I escape these consequences? Where can I go to create security for myself and my family and escape the price hike? Many jobs – thanks to the Corona crisis – can now be managed from a distance, the “digital nomad” has even found his place in the Thai visa variants and is also entitled to permanent residence in the UAE. The Emirates is consolidating its position as the economic but also social hub of the Middle East. In the meantime, the standard of living has been raised to European levels.
Unlike Singapore, the UAE plans to allow the free convertibility of AED into cryptocurrencies. For us humanistically educated people, the question of “virtual reality” arises…..Is virtual reality a “contradictum in se”? In Asian philosophy, our five sense organs are supplemented by a sixth, namely “thinking”. Sense organs serve all beings to establish contact between the “I” and the “outside world”. The biological sense organs, so see, hear, touch, taste, and smell, are our connection to the outside world. But they deliver only the information to the 6th sense – the thinking. If this outside world does not produce stimuli in our 5 biological senses, only the virtual world of thinking remains – a world of imagination without reference to reality. The virtual world becomes the world of our imagination and this imagination becomes reality. If we bought 1 Bitcoin at $1 and it is now worth $70,000 – the real world has changed because I can afford something that seemed unaffordable before. But there is no value creation behind Bitcoin, it is just a virtual construct of our thinking. Hopefully, it will remain up to us for a long time how far we make the world of the imagination the essential content of our self-generated reality.
Can the virtual satisfaction of the state of mind replace real values, like getting to know people and cultures, sitting on the sofa listening to music, or eating well? But in the end, everything reflects in our imagination. Narrowly, we must first admit that what cannot be thought of doesn’t exist. It takes some effort to escape from this concept. As the Austrian artist Audré Heller, whom I hold in high esteem, sings, “all adventures are in the head and if they are not in the head, they are nowhere”.
Wishing you a “real” or adventurous autumn.
Ras Al Khaimah – World-class destination for leisure, business travels, and our headquarters
RAK is known for its unspoiled beaches, lush mangroves, rolling terracotta deserts, wadis, breathtaking mountains and is one of the most popular tourist destinations in the Gulf region! Visitors can expect environmentally conscious development and sustainable tourism activities in the emirate. Read the full article here.
Top 7 reasons why Dubai is one of the best cities to live in and work for expats
Ever considered living and working in Dubai? We have summarized the top reasons why you should! From zero income tax to ample choices of properties to live in for every budget – Dubai has it all. It has attracted hundreds and thousands of expatriates from all over the world currently representing nearly 90% of the UAE’s population. Read the full article here.
UAE introduces its plans for a Circular Economy
Over the years, the UAE has worked on several projects and established policies to enhance its efforts across all fields to achieve sustainable development. The Circular Economy 2021-2031 will help develop the current and future environmental situation of the Emirates and bring economic growth and improvement in the quality of life of its citizens and residents. Read the full article here.
Business licenses in Dubai increased by 25% in the first half of 2022
The Business Registration and Licensing sector at the emirate’s Department of Economy and Tourism (DET) recorded a total of 45,653 new business licenses in the first half of 2022, an annual jump of almost 25 percent. The percentage of legal forms of new business licenses issued during H1 of 2022 a 30% sole establishment, 25% civil companies, and 22% limited liability companies. New business licenses issued in Dubai per area: Bur Dubai – 31,604, Deira – 14,022, and Hatta – 27.
The UAE will soon allow investors to trade cryptocurrencies in dirhams
UAE investors can soon trade virtual assets in dirhams through their local bank accounts, thanks to a partnership between Kraken and RAK Bank. UAE-based Kraken investors can transact in virtual assets in a transparent and efficient manner via a crypto exchange regulated by ADGM, which converts between AED and crypto through UAE Central Bank-regulated channels.
The Dubai government issues a new law to support the growth of real estate investment funds
The law grants certain privileges to real estate investment funds In an effort to enhance the emirate’s position as a “global destination for real estate investment” and to attract more funds. It applies to all real estate investment funds licensed and regulated in the emirate, including those in special development zones and free zones. The law allows funds to be included in the register if they own real estate assets valued at not less than Dh180 million ($49m) and their trading on the Dubai Financial Market has not been suspended.
Dubai Chamber of Commerce members’ exports and re-exports exceeded AED129 billion in H1
Dubai Chamber of Commerce member exports and re-exports totaled AED 129.4 billion in H1-2022, an increase of 17.8% over last year. Over 357,000 certificates of origin were issued in H1-2022, an increase of 8.9% compared to H1-2021. With a strong commitment to achieving the Dubai Foreign Trade Plan’s goals, Dubai Chambers plans to boost Dubai’s foreign trade to AED2 trillion by 2026, adding that newly launched initiatives like Dubai Global will accelerate progress towards achieving this goal.
Sharjah issues resolution regulating social activities providers
The Sharjah Executive Council (SEC) has issued Resolution No. (23) of 2022 to regulate social activities providers in Sharjah. Social activities are divided into the following categories: day care, consultations, training and education, accommodation, rehabilitation, home care, and profiling and assessment. The new resolution stipulates that no establishment may conduct social activities in the Emirate and free zones unless it is authorized by the Social Services Department in accordance with the resolution. A permit must also be obtained prior to opening a branch in the emirate.
Dubai remains the top FDI destination in tourism in the world
According to The Financial Times’ fDi Markets data, a global data source on cross border greenfield FDI investments, Dubai led the world in FDI capital, projects, and job creation in the tourism sector in 2021 with AED6.4 billion across 30 projects. FDI Market rankings are based on cities that attract 10 or more greenfield FDI projects a year. According to the Dubai Investment Development Agency’s Dubai FDI Monitor report, the new investments and projects created 5,545 new jobs during the year.
Expats will be replaced by citizens in 207 job categories in Oman
Oman’s Minister of Labour issued Decision No. 235/2022 on 14 July 2022 that regulates the practice of certain professions now reserved for Omanis. Article 1 of the decision prohibits expats from practicing 207 professions, but they can continue to work until their current permits expire. The Ministry of Labour plans to provide 35,000 jobs through recruitment, job replacement, and training in 2022.
Crypto regulations will be strengthened in Singapore
The Singapore government plans to strengthen its crypto regulations to broaden the scope of activities covered. Cryptocurrency regulations may be revised to further restrict access to crypto by retail investors. The Monetary Authority of Singapore (MAS) is targeting to consult on proposed measures in the next few months. Central bank’s Managing Director Ravi Menon said, “MAS and relevant government agencies will take firm enforcement action if any entity is found to be conducting illegal activities or performing regulated activities without a license. The crypto industry globally is still evolving and regulation is still catching up with industry trends.”
Land ownership to lure wealthy foreigners to Thailand
Land can be fully owned by wealthy foreigners for residential purposes in Thailand to boost its economy. The cabinet has approved foreign nationals to own one rai (0.16 hectares) from September, as long as they invest 40 million baht or more over three years in Thai properties, securities, and funds. The scheme which will be reviewed after five years aims to add one trillion baht to the economy and boost investment by 800 billion baht. It is expected that the economy will grow 3.5% this year, returning to pre-pandemic levels in 2023.
Saudi companies sign THB11.6 billion worth of deals with Thai companies
At a Bangkok business-matching event, Thai companies struck 352 deals worth an estimated 11.6 billion baht with Saudi counterparts. The Department of International Trade Promotion (DITP) estimates 130 million baht of instant trade, and another 11.5 billion baht will be generated throughout this year. The two-way trade between Thailand and Saudi Arabia in the first five months of 2022 totaled 122.23 billion baht, up 45.56 percent from last year.